CollectiveSun Partners with HeatSpring to Offer
Free Course Bundle on Inflation Reduction Act Incentives for Nonprofits
Now, CollectiveSun has partnered with HeatSpring to offer a free series on the Inflation Reduction Act (IRA), which passed in August 2022. The IRA included groundbreaking incentives for clean energy, but since its passage, the industry has been scrambling to determine how to take advantage of this unprecedented opportunity.
At CollectiveSun, we’ve been closely following the features of the IRA that are making it easier for nonprofits to go solar. We’re all about providing education and information, so we welcomed the opportunity to share what we’ve learned in a HeatSpring bundle of four free courses, Inflation Reduction Act: Solar Provisions Explained.
The courses demystify some of the key solar provisions in the IRA, covering timelines, application processes, potential gotchas, and more. Our goal is to enable nonprofit organizations and tax-exempt entities to take advantage of these incentives to go solar — reducing emissions while saving money that they can use in service of their critical missions.
Our complimentary IRA bundle covers these topics, in manageable
60-minute courses:
Direct Pay
Low-Income Communities Bonus Adder
Energy Community Bonus Adder
Domestic Content Bonus Adder
The IRA introduced a provision in 2022 called Direct Pay (also known as “Elective Pay”) that creates an exciting pathway for nonprofit organizations to utilize tax credits. Before the IRA, the Investment Tax Credit (ITC) for solar was available only to taxable entities. That left tax-exempt and government entities, such as nonprofits, churches, and schools, out of the equation. Direct Pay changes that, opening the tax credit to nonprofits for the first time.
In this course, we review the features of Direct Pay, how to apply for it, and updates to be aware of as we move into the 2024 tax year. This information will be helpful for nonprofits who have placed a system in service during the 2023 tax year or are planning to place a system in service in the 2024 tax year and beyond. We also discuss the timing of filings, and we review Form 990-T and other forms that need to be completed.
The Low-Income Communities Bonus Adder, another new incentive in the IRA, is unique in that only 1.8 GW are allocated per year. If the bonus adder application is approved, 10% or 20% is added to the base 30% ITC, creating a 40% or 50% ITC.
The Low-Income Communities bonus adder is meant to…
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